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AIDA 181 - BIG DATA ANALYTICS FOR RISK AND
INSURANCE EXAMS | QUESTIONS AND VERIFIED
ANSWERS | 100% CORRECT (LATEST 2025 UPDATES
STUDY BUNDLE WITH COMPLETE SOLUTIONS)
big data .....ANSWER.....Sets of data that are too large to be
gathered and analyzed by traditional methods.
law of large numbers .....ANSWER.....A mathematical principle
stating that as the number of similar but independent exposure
units increases, the relative accuracy of predictions about future
outcomes (losses) also increases.
data mining .....ANSWER.....The analysis of large amounts of
data to find new relationships and patterns that will assist in
developing business solutions.
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text mining .....ANSWER.....Obtaining information through
language recognition; the analysis of text for classification and
prediction
telematics .....ANSWER.....The use of technological devices in
vehicles with wireless communication and GPS tracking that
transmit data to businesses or government agencies; some return
information for the driver.
Internet of Things (IoT) .....ANSWER.....A network of objects that
transmit data to and from each other without human interaction
machine learning .....ANSWER.....artificial intelligence in which
computers continually teach themselves to make better decisions
based on previous results and new data
artificial intelligence .....ANSWER.....computer processing or
output that simulates human reasoning or knowledge
data science .....ANSWER.....An interdisciplinary field involving
the design and use of techniques to process very large amounts
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of data from a variety of sources and to provide knowledge
based on the data.
structured data .....ANSWER.....Data organized into databases
with defined fields, including links between databases.
unstructured data .....ANSWER.....Data that is not organized into
predetermined formats, such as databases, and often consists of
text, images, or other nontraditional media.
internal data .....ANSWER.....data that is owned by an
organization
external data .....ANSWER.....data that belongs to an entity other
than the organization that wishes to acquire and use it
economic data .....ANSWER.....Data regarding interest rates,
asset prices, exchange rates, the Consumer Price Index, and
other information about the global, the national, or a regional
economy.
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geodemographic data .....ANSWER.....data regarding
classifications of a population
algorithm .....ANSWER.....an operational sequence used to solve
mathematical problems and to create computer programs
Cross Industry Standard Process for Data Mining (CRISP-DM)
.....ANSWER.....an accepted standard for the steps in any data
mining process used to provide business solutions
domain knowledge .....ANSWER.....Information related to the
context of the information a data scientist is working with.
data-driven decision making .....ANSWER.....An organizational
process to gather and analyze relevant and verifiable data and
then evaluate the results to guide business strategies.
descriptive decision making .....ANSWER.....applied when an
insurer or risk manager has a specific problem that could be
solved through data science
AIDA 181 - BIG DATA ANALYTICS FOR RISK AND
INSURANCE EXAMS | QUESTIONS AND VERIFIED
ANSWERS | 100% CORRECT (LATEST 2025 UPDATES
STUDY BUNDLE WITH COMPLETE SOLUTIONS)
big data .....ANSWER.....Sets of data that are too large to be
gathered and analyzed by traditional methods.
law of large numbers .....ANSWER.....A mathematical principle
stating that as the number of similar but independent exposure
units increases, the relative accuracy of predictions about future
outcomes (losses) also increases.
data mining .....ANSWER.....The analysis of large amounts of
data to find new relationships and patterns that will assist in
developing business solutions.
,Page 2 of 74
text mining .....ANSWER.....Obtaining information through
language recognition; the analysis of text for classification and
prediction
telematics .....ANSWER.....The use of technological devices in
vehicles with wireless communication and GPS tracking that
transmit data to businesses or government agencies; some return
information for the driver.
Internet of Things (IoT) .....ANSWER.....A network of objects that
transmit data to and from each other without human interaction
machine learning .....ANSWER.....artificial intelligence in which
computers continually teach themselves to make better decisions
based on previous results and new data
artificial intelligence .....ANSWER.....computer processing or
output that simulates human reasoning or knowledge
data science .....ANSWER.....An interdisciplinary field involving
the design and use of techniques to process very large amounts
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of data from a variety of sources and to provide knowledge
based on the data.
structured data .....ANSWER.....Data organized into databases
with defined fields, including links between databases.
unstructured data .....ANSWER.....Data that is not organized into
predetermined formats, such as databases, and often consists of
text, images, or other nontraditional media.
internal data .....ANSWER.....data that is owned by an
organization
external data .....ANSWER.....data that belongs to an entity other
than the organization that wishes to acquire and use it
economic data .....ANSWER.....Data regarding interest rates,
asset prices, exchange rates, the Consumer Price Index, and
other information about the global, the national, or a regional
economy.
, Page 4 of 74
geodemographic data .....ANSWER.....data regarding
classifications of a population
algorithm .....ANSWER.....an operational sequence used to solve
mathematical problems and to create computer programs
Cross Industry Standard Process for Data Mining (CRISP-DM)
.....ANSWER.....an accepted standard for the steps in any data
mining process used to provide business solutions
domain knowledge .....ANSWER.....Information related to the
context of the information a data scientist is working with.
data-driven decision making .....ANSWER.....An organizational
process to gather and analyze relevant and verifiable data and
then evaluate the results to guide business strategies.
descriptive decision making .....ANSWER.....applied when an
insurer or risk manager has a specific problem that could be
solved through data science
